Many people in their 20’s, when they start out on their own, want to live at the same lifestyle at which their parents currently operate. They are used to having money to pay for everything they want to do. Imagine the difficulty of trying to live at the same lifestyle with significantly less income. One of the major areas that this is seen is buying a home. Young people these days are buying a home earlier than ever before. Having less income doesn’t mean that you can’t enjoy some of the same things, like owning a home. While it may be difficult to buy a home right out of college, it isn’t impossible. After all, many people are doing it. Although, I suspect it is those that have taken the time to use a calculator mortgage.
Options in Obtaining a Mortgage
Beyond having a high income, there are many ways to get a mortgage. Having a modest income doesn’t disqualify you. I would like to believe it is the people who think outside the box who are able to obtain a mortgage. After doing calculations of what you can afford each month, it is also important to be creative in your financing options. One way to finance your new home would be to use a buy to let mortgages calculator. This would consider other factors beyond your salary in order to find a way to find a finance the home of your dreams.
If you are lacking credit (and think it would be hard to qualify for a loan) and you have a decent salary, another creative tip would be to consider finding an older friend (who may be in retirement or close to it) or a relative that is willing to loan you the money. They would serve as a lender and you can pay them monthly payments with interest. As long as you are reliable, a reasonable interest rate would offer the friend/relative a secure investment that would beat any other investment they have and it would offer you a way to get into your house a couple years earlier.
If you do your homework and you are committed to making it work, almost anything is possible. If buying your first home is one of these dreams, why not be creative to make it work.